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What is the present value of $ 4 , 0 0 0 paid each year forever, assuming a discount rate of 7 % and the

What is the present value of $4,000 paid each year forever, assuming a discount rate of 7% and the first payment occurs one year from now? Equivalently: What amount would you have to invest today at an interest rate of 7% to generate an annual payment of $4,000 forever? Please round your answer to the nearest hundredth.

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